Benzinga - Manchester United Ltd (NYSE: MANU) shares are trading higher Wednesday morning after the company announced it's exploring strategic alternatives including a potential sale.
What Happened: Manchester United's board commenced a process to explore strategic alternatives for the club designed to enhance the club's future growth.
Potential strategic alternatives include new investments into the club, a sale, or other transactions involving the company. It will also include an assessment of several initiatives to strengthen the club, including stadium and infrastructure redevelopment and expansion of the club's commercial operations.
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"We will evaluate all options to ensure that we best serve our fans and that Manchester United maximizes the significant growth opportunities available to the Club today and in the future," said Avram and Joel Glazer, executive co-chairmen and directors of Manchester United.
The news comes shortly after the club parted ways with superstar Cristiano Ronaldo on "mutual consent." He scored 145 goals in 346 appearances with the team.
Related Link: Cristiano Ronaldo Leaves Manchester United After Scoring 145 Goals In 346 Appearances
MANU Price Action: Manchester United has a 52-week high of $16.47 and a 52-week low of $10.41.
The stock was up 8.57% at $16.22 at time of publication, according to Benzinga Pro.
Photo: nmoodley from Pixabay.
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